Coincheck Hack boost CryptoCurrency awareness in Japan

One of Japan’s largest cryptocurrency exchanges, Coincheck was hacked for 58 billion yen (~USD$530 million) worth of NEM last week. Although the exchange has promised to repay its 260,000 affected customers out of its own capital, and no timeframe has been set yet.

However, there seems to be a positive result out of the sad occurrence of last week. Since last year April, companies seeking to operate crypto exchanges in Japan must register with the JFSA. So far, 16 companies have been licensed including all of the major exchanges in the country except Coincheck.

This time people understand that this is due to the exchange and not due to cryptocurrency itself. Awareness has increased among the people

Emphasizing that Coincheck does not have a license, Bitflyer CFO Midori Kanemitsu said,

“now people understand that they need to use safe exchanges, which are registered with JFSA and have a high standard of security.”

Kanemitsu continued to share, “I don’t think there is a huge change after the [hack] news, however people [now] recognize the risk,” noting:

Ironically, many people got interested in cryptocurrencies after this incident as this has been reported so often and broadly in Japan…The number of new users [at Bitflyer] is increasing very rapidly after the news. This time people understand that this is due to the exchange and not due to cryptocurrency itself.

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